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Kerroy Penny 10/13/2020 BMCC - ACCOUNTING 122 PROF. DEIFIK FALL 2020 QUIZ-1 PART 1 -...

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Accounting

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Kerroy Penny 10/13/2020 BMCC - ACCOUNTING 122 PROF. DEIFIK FALL 2020 QUIZ-1 PART 1 - TRUE/FALSE Answer the following questions as to what you believe to be either TRUE OR FALSE by placing an X next to the LEFT of T for TRUE or to the RIGHT of F for FALSE. T Fx 1. Assets = Liabilities + Owners Equity T Fx 2. Decreases in liability accounts are shown as debits when making journal entries. T Fx 3. The Cost Principle requires that a sole proprietorship business must record its assets at fair market value (FMV) at year end and not at Cost. T Fx 4. The Federal Government Accounting Standards Board or FGASB is the accounting rule making body in the United States. F 5. Entering transactions in T accounts serves as a means of demonstrating postings of Journal Entries to the Trial Balance. PART 2 - MULTIPLE CHOICE Tx Answer the following five questions as what you believe to be the best choice amongst the four alternatives by placing an X next to either A, B, C or D. 6. Unearned Service Revenue is an example of: An Asset account

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